Elon Musk Talks About His Cryptocurrency Investments, Confirms SpaceX Is Holding Bitcoin

Musk said during a virtual conference, "I might pump but I don’t dump."

By Edited by Gadgets 360 Newsdesk | Updated: 22 July 2021 14:03 IST

Elon Musk Talks About His Cryptocurrency Investments, Confirms SpaceX Is Holding Bitcoin

Photo Credit: YouTube/ ARK Invest

Elon Musk speaks at the The B Word virtual conference

Highlights

Musk didn't reveal the extent of SpaceX's Bitcoin investment
Musk also said Tesla may resume accepting payments in Bitcoin
Cryptocurrencies saw a boost following the virutal conference

Elon Musk has been a staunch supporter of everything crypto and now, the SpaceX CEO has for the first time admitted that his privately-owned aerospace company also owns Bitcoin. This is, of course, besides Tesla's investment of $1.5 billion (roughly Rs. 11,150 crores) in the world's biggest and oldest digital token that has struggled a lot in the last few weeks within months of peaking at over $60,000 (roughly Rs. 45 lakhs).

Speaking at The B Word conference, an event hosted by the Cryptocurrency Council for Innovation, in the company of ARK Invest CEO Cathie Wood and Twitter CEO Jack Dorsey, Musk confirmed that SpaceX does hold Bitcoin (at around the 8-minute mark during the video conference). However, he didn't disclose the extent of SpaceX's investment in Bitcoin. The 50-year-old business magnate did mention that he personally owned Bitcoin and Ethereum, the second most popular cryptocurrency. Wondering if Musk owns anything in Dogecoin? The answer is yes. Musk revealed that he has personally invested in the Shiba-Inu face-themed digital currency that started as a joke but got popular on the Internet after receiving support from celebrities.

Musk once again showed that he was committed to cryptocurrency in general, saying, "One thing you do need to watch out for with crypto, especially Bitcoin, using proof of work, using energy that's a bit too much and not necessarily good for the environment.”

Bitcoin Price Sees a Surge After Elon Musk's Conference on Cryptocurrency

He also used the platform to reiterate that he wanted to see Bitcoin succeed. Besides, Musk unerlined neither SpaceX nor he personally wanted to part ways with Bitcoin. “If the price of Bitcoin goes down I lose money. I might pump but I don't dump,” he said. “I definitely do not believe in getting the price high and selling or anything like that. I would like to see Bitcoin succeed.”

Tesla Will 'Most Likely' Restart Accepting Bitcoin as Payments: Elon Musk

And just as we have seen on so many occasions in the past few months that a tweet from Musk is capable of altering the prices of these tokens, it happened again on Wednesday when prices of Ethereum were up nearly 9 percent as it traded at Rs 1,48,401 on Thursday morning. Bitcoin rose by 6.54 percent and opened at Rs 24,00,040 on Thursday. Dogecoin, that closed at Rs 13.16 last, opened at Rs 14.82 on Thursday, up 6.51 percent.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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Cryptocurrency Prices across Indian exchanges

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Further reading: Elon Musk, Dogecoin, Bitcoin, Bitcoin Price, Bitcoin Price in India, Dogecoin Price in India, Ethereum Price in India, Ether Price